Teller System > Transactions > Loan Transactions > Loan Transaction Codes > Deferment Transactions

The initial setup of this transaction is done on the Loans > Transactions > CP2 screen > CP2 tab. Running this transaction requires approval from a supervisor. Do not attempt running this transaction directly from CIM GOLDTeller without first going through the CP2 screen.

See the Submitting Deferments topic in the Loans > Transactions > CP2 Screen help for more information on the steps required to run this transaction. In order to allow CP2 deferments, the following options must be set up by GOLDPoint Systems for your institution:

1.Institution Option CLDF must be enabled.

2.	The number of deferments allowed per year on an account must be indicated using Institution Option DFRM.

3.	The number of deferments allowed over the life of an account must be indicated using Institution Option DFRL. If this option is set to 0, there is no specified maximum.

4.	Deferment reason codes must be set up on the Loans > System Setup Screens > Deferment Reason Codes screen.

5.	If your institution wants to charge a flat fee for deferments, use Institution Option DFFF to set up the fee amount.

This deferment does not collect any money. This deferment advances the Due Date by the number of months entered in the Number of Deferred Payments field on the CP2 screen, but only increments the number of deferments by one.

The deferment cannot be run unless the Number of Deferred Payments and the CP2 Reason For Deferment fields contain data.

A deferment is counted whenever the transaction is run; it is not counted based on the number of frequencies the Due Date is advanced.

If the account is a precomputed or simple-interest loan (payment methods 3 or 6), this transaction will clear any amount in the Applied To Payment field.

Once the supervisor looks over the CP2 screen and clicks either the button or the button (depending on your institution's policies), CIM GOLDTeller launches with the CP2 Deferment transaction displayed, as shown below:

trancode2600-18_cp2defer

Note: Make sure the CP2 Deferment transaction has been added to the Transaction menu in CIM GOLDTeller. For more information on how to add transactions to your CIM GOLDTeller Transactions menu, see the Menu Design topic in the CIM GOLDTeller User's Guide.

The supervisor then clicks to process the CP2 deferment.

Results of this Transaction

Once this transaction is run, the following takes place on the account:

•The Due Date is rolled to the next Due Date. If more than one deferment is selected in the Number of Deferred Payments, the Due Date will roll forward the number of frequencies selected.

•The Term in Months field advances by one (or the number of deferments processed).

•The Current Installment Number field advances by one (or the number of deferments processed).

•The Date Interest Paid To is changed to the Effective Date entered on the transaction.

•The Last Payment Date is changed to the Effective Date entered on the transaction.

•The Loans > Deferments screen is updated accordingly, with the amount, type of deferment, deferred due date, next due date, and the number of deferments made.

•If the account is a precomputed or simple-interest loan (payment methods 3 or 6), this transaction will clear any amount in the Applied To Payment field.